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The Trump administration told lawmakers the U.S. government has reached a deal to put Chinese telecommunications company ZTE Corp back in business after it pays a significant fine and makes management changes, a senior congressional aide said on Friday.
U.S. President Donald Trump appeared to confirm the deal in a tweet late on Friday. “I closed it down then let it reopen with high level security guarantees, change of management and board, must purchase U.S. parts and pay a $1.3 Billion fine.”
The reported deal involving China’s second-largest telecommunications equipment maker ran into immediate resistance in Congress, where Democrats and Trump’s fellow Republicans accused him of bending to pressure from Beijing to ease up on a company that U.S. intelligence officials have suggested poses a significant risk to U.S. national security.
ZTE was banned in April from buying U.S. technology components for seven years for breaking an agreement reached after it violated U.S. sanctions against Iran and North Korea.. After ZTE makes a series of changes it would now be allowed to resume business with U.S. companies, including chipmaker Qualcomm Inc.
The deal, earlier communicated to officials on Capitol Hill by the Commerce Department, requires ZTE to pay a substantial fine, place U.S. compliance officers at the company and change its management team, the aide said.
The Commerce Department would then lift an order issued in April preventing ZTE from buying U.S. products. ZTE shut down most of its production after the ruling was announced.
Fox News said Trump told them on Thursday that he had negotiated the $1.3 billion fine with Chinese President Xi Jinping in a phone call.
ZTE, which is publicly traded but whose largest shareholder is a Chinese state-owned enterprise, agreed last year to pay a nearly $900 million penalty and open its books to a U.S. monitor. The penalty stemmed from for breaking an agreement after it was caught illegally shipping U.S. goods to Iran and North Korea, in an investigation dating to the Obama administration.
Source: http://www.oann.com/u-s-reached-deal-to-keep-chinese-telecom-zte-in-business-new-york-times/
(Score: 0) by Anonymous Coward on Monday May 28 2018, @04:31AM (10 children)
China is giving the US a Congressional aid?
(Score: 2) by frojack on Monday May 28 2018, @06:25AM (9 children)
Well it all seems to be about the money!
On prior ZTE stories it was all Homeland security issues, and the risk of having their devices on our networks. I've posted my skepticism about that claim in prior stories.
Now it appears money makes all that risk go away???
No, you are mistaken. I've always had this sig.
(Score: 3, Interesting) by shortscreen on Monday May 28 2018, @07:11AM (5 children)
According to what TFS says it sounds more like the US zeal to harm NK/Iran resulted in accidentally sanctioning itself. Qualcomm probably wanted to resume selling its wares to ZTE so a face-saving deal was made.
What ZTE buying US components has to do with national security is not clear. "National security" is probably just the stock answer for everything from "intelligence officials."
(Score: 0) by Anonymous Coward on Monday May 28 2018, @07:24AM (3 children)
No nation is ever secure until all other nations, writhing under the foot of oppression, are thankful for the possibility of bodily exercise that the foot provides.
Increase pressure until thankfulness starts.
Increase pressure more to increase thankfulness.
(Score: 1, Troll) by takyon on Monday May 28 2018, @07:32AM (2 children)
It's easy to justify when you have GOD on your side.
United States: GOD's Chosen Superpower
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(Score: 5, Touché) by maxwell demon on Monday May 28 2018, @08:43AM (1 child)
Is GOD short for Greed, Overconfidence, Delusion?
The Tao of math: The numbers you can count are not the real numbers.
(Score: 3, Informative) by takyon on Monday May 28 2018, @09:11AM
Guns or Death
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(Score: 3, Interesting) by maxwell demon on Monday May 28 2018, @08:37AM
It's simple: By declaring it an issue of national security, the congress is bypassed.
The Tao of math: The numbers you can count are not the real numbers.
(Score: 2) by takyon on Monday May 28 2018, @07:31AM (1 child)
Everything's negotiable. Military + homeland security has a $$$ figure.
And how do you know that "high level security guarantees, change of management and board, must purchase U.S. parts" doesn't address the security concerns?
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(Score: 2) by MostCynical on Monday May 28 2018, @10:30AM
doesn't
translate as "firmware will include *our* backdoors"?
"I guess once you start doubting, there's no end to it." -Batou, Ghost in the Shell: Stand Alone Complex
(Score: 3, Interesting) by Whoever on Monday May 28 2018, @04:38PM
Of course it is. The $500M investment in a Trump real-estate project in Indonesia from the Chinese government.